Philippines taps long end of dollar market with $1 billion bond

The Republic of the Philippines brings the second Asian sovereign in 24 hours and its third dollar bond this year.

The Republic of the Philippines priced a $1 billion dollar bond late Friday Hong Kong time, at the end of a hectic 24 hours in the Asian bond markets, which saw the completion of three other benchmark-sized deals -- a sovereign from Sri Lanka, the largest Asian high-yield in more than a year from Indonesia's Adaro Energy, and another Korean offering from Korea Expressway.

The deluge of offerings had seemingly no impact on investor demand, however, with each of...